3. Suppose utility function of an individual is U-2x-Y. What is the MRS of the indifference curve If P 3 and 2 and Income 1-100, find the optimal choice and maximized utility. 4. Suppose utility of an individualis Umin [2X, Y). If that person has 10 units of X and 15 units of Y, what is her utility? Is X and Y are complementary, perfect substitutes or neither of these 5. Substitution effect is negative. Explain. Page 2 of 8